United States President Donald Trump has vowed to continue military operations as the country’s Middle East war with Iran enters the third week of intensified hostilities.
Summary
Trump says U.S. will intensify strikes on Iran’s critical infrastructure over the next two to three weeks as military operations expand.
Iran warns of “crushing” retaliation and rejects ceasefire talks, claiming US and Israeli strikes have hit only limited targets so far.
Major cryptocurrencies have fallen in response to the recent escalation.
“We are going to hit them extremely hard over the next two to three weeks. We’re going to bring them back to the Stone Ages, where they belong,” Trump said, adding that the United States would no longer tolerate “state-sponsored provocation” against American assets.
Further, Trump noted that Iran has repeatedly violated the terms of every previous diplomatic deal and confirmed that U.S. forces are going to aggressively target critical infrastructure across the country.
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“We are going to hit each and every one of their electric generating plants very hard and probably simultaneously […] We have not hit their oil, even though that’s the easiest target of all, because it would not give them even a small chance of survival or rebuilding,” he added.
The ongoing war in the Persian Gulf has rattled both traditional and emerging markets, and the escalation has led to a massive spike in oil prices immediately after Iran threatened to permanently blockade the Strait of Hormuz.
Since the war began, Bitcoin has dropped nearly 12%; meanwhile, despite its reputation as a safe haven, Gold has also slumped sharply as a surging U.S. Dollar and rising bond yields outweigh geopolitical fears.
Trump says the oil situation will improve
Trump acknowledged concerns over surging gas prices but downplayed the economic impact, saying it was a temporary ”short-term” situation and that he expects global supply routes to open up once Tehran surrenders.
“When this conflict is over, the strait will open up naturally. It’ll just open up naturally. They’re going to want to be able to sell oil because that’s all they have to try and rebuild. It will resume the flowing and the gas prices will rapidly come back down,” he said.
He went on to add that the U.S. Economy is “strong and improving” and the domestic energy sector will be “roaring back like never before.”
“Thanks to the progress we’ve made. I can say tonight that we are on track to complete all of America’s military objectives shortly. Very shortly,” Trump said.
Even though Trump said that back-channel discussions for a ceasefire were ongoing, Iranian leaders have vehemently denied that there are any serious talks underway.